Dec 14 - New home sales enjoy late season surge

December 14, 2006

New home sales enjoy late season surge

November Condo sales at five year high

December 14, 2006

Toronto- The last quarter of 2006 is shaping up to be the strongest of the year with a late season surge in new home sales driven once again by the extremely buoyant high-rise condominium market, Desi Auciello, president of the GTHBA-UDI revealed today.

According to RealNet Canada Inc., there were 3,409 new homes and condominium suites sold in the Greater Toronto Area in November. Sales of high-rise condominiums were up 13 per cent in November while the low-rise market was off by 2 per cent, netting out to a 5 per cent increase in total new home sales, year over year.

Condominium sales reached a five-year high for November based on a more than doubling (+123 per cent) of condo sales in Peel Region and a 38 per cent increase in condo sales in York region. For every low-rise home (single/semi detached or townhome), there was a high-rise condominium suite sold.

"With one month left to go in the sales year, the story has already been told, over and over, and it comes down to two words:  condo craze," said Auciello. "The only question left to answer for this year is whether or not new home sales will exceed 40,000 units for the seventh consecutive year, and based on the late season surge of home buyer interest, it looks like a distinct possibility," Auciello added.  

The top five municipalities in the GTA for November were Toronto, 1,226; Mississauga, 412; Markham, 352; Brampton, 316 and Milton, 287.

With more than 1,500 members, GTHBA-UDI, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario is the voice of the residential land development, home building and professional renovation industry in the Greater Toronto Area. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

 

LOW-RISE

HIGH-RISE

TOTAL

Region

Nov. 2005

Nov. 2006

% Change

Nov. 2005

Nov. 2006

% Change

Nov. 2005

Nov. 2006

% Change

Durham

333

242

-27%

24

14

-42%

357

256

-28%

Halton

275

394

43%

12

4

-67%

287

398

39%

Peel

526

436

-17%

132

295

123%

658

731

11%

Toronto

75

97

29%

1,152

1,129

-2%

1,227

1,226

0%

York

556

560

1%

173

238

38%

729

798

9%

GTA

1,765

1,729

-2%

1,493

1,680

13%

3,258

3,409

5%

Source: RealNet Canada Inc.

-30-

For more information:

Suzanna Cohen
Director of Communications
scohen@gthba.ca

Stephen Dupuis
Chief Executive Officer
sdupuis@gthba.ca